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Duquesne Light Net Sinks

Adjusted earnings top estimates.

Earnings fell by half at

Duquesne Light


in the first quarter, as gains related to derivatives and other items depressed the most recent period and swelled year-ago figures.

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The company, which formerly was known simply as "DQE," earned $14.4 million, or 18 cents a share, in the quarter, compared with $35 million, or 45 cents a share, a year ago. Adjusted for items, earnings were $21.1 million, or 27 cents a share, in the latest quarter, up from $19.3 million, or 25 cents a share, a year ago.

Analysts surveyed by Thomson First Call were forecasting adjusted earnings of 24 cents a share in the most recent period.

Revenue was $223.9 million in this year's first quarter, up from $218.7 million a year ago. Retail electricity sales were virtually flat at $187.6 million while other revenue rose to $36.3 million from $32 million.

Duquesne reiterated full-year profit guidance of $80 million to $90 million, excluding the impact of derivatives and other items.

The stock closed at $16.69 Tuesday.